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http://www.moneychimp.com/articles/econ/inflation_calculator.htm http://www.moneychimp.com/articles/econ/inflation_calculator... Inflation 1900-1972 : 2.3% I

http://www.moneychimp.com/articles/econ/inflation_calculator.htm http://www.moneychimp.com/articles/econ/inflation_calculator... Inflation 1900-1972 : 2.3% Inflation 2000-2014 : 2.24% Gold had nothing to do with it. The value of the US currency has always been a based on trust. In practice the US government did not exchange gold for dollar bills anyway. The Zerohedge theories of gold just doesn't work.

innguest 11y ago
- clueless keynesian trusts government numbers. - clueless keynesian does not know government changed the way to calculate inflation several times throughout the years (and barely knows what 'inflation' means anyway). - clueless keynesian can't cope with the cognitive dissonance of asking themselves why the government needs to change the way they measure something if it's so "constant" like 2.24-2.3%. - clueless keynesian therefore thinks he knows more than all the traders and insiders posting at ZeroHedge. - clueless keynesian therefore thinks the bankster priesthood since 1913 know more about money than the sum of all people that lived in the past 5000 years using gold as money.
- tosseraccount 11y ago
  Keynesian? You're projecting. US currency is and always has been backed by the US economy and military. Not gold.
  - innguest 11y ago
    An Austrian "projecting"? Hah. So you think after May 1971, Switzerland and France redeemed USD$50M and USD$191M, respectively, in US products and soldiers? Because my sources tell me they redeemed it in gold. Has Germany been trying to redeem their US deposits in US products and soldiers? OR did they ask for gold? So much for your "is and always has been". Seems like depositors don't really care about US products and soldiers, more like, just its gold.
    - tosseraccount 11y ago
      https://en.wikipedia.org/wiki/Executive_Order_6102 https://en.wikipedia.org/wiki/Executive_Order_6102 Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 (equivalent to $376.58 today[4]) per troy ounce. Under the Trading With the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, violation of the order was punishable by fine up to $10,000 (equivalent to $182,185 today[4]) or up to ten years in prison, or both. I think central banks still trade a little gold now and then, though , as you point out. Gerald Ford allowed legalized gold in 1974.
  - jsprogrammer 11y ago
    US currency is mostly backed by oil.

innguest 11y ago

- clueless keynesian trusts government numbers. - clueless keynesian does not know government changed the way to calculate inflation several times throughout the years (and barely knows what 'inflation' means anyway). - clueless keynesian can't cope with the cognitive dissonance of asking themselves why the government needs to change the way they measure something if it's so "constant" like 2.24-2.3%. - clueless keynesian therefore thinks he knows more than all the traders and insiders posting at ZeroHedge. - clueless keynesian therefore thinks the bankster priesthood since 1913 know more about money than the sum of all people that lived in the past 5000 years using gold as money.

tosseraccount 11y ago
Keynesian? You're projecting. US currency is and always has been backed by the US economy and military. Not gold.
- innguest 11y ago
  An Austrian "projecting"? Hah. So you think after May 1971, Switzerland and France redeemed USD$50M and USD$191M, respectively, in US products and soldiers? Because my sources tell me they redeemed it in gold. Has Germany been trying to redeem their US deposits in US products and soldiers? OR did they ask for gold? So much for your "is and always has been". Seems like depositors don't really care about US products and soldiers, more like, just its gold.
  - tosseraccount 11y ago
    https://en.wikipedia.org/wiki/Executive_Order_6102 https://en.wikipedia.org/wiki/Executive_Order_6102 Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 (equivalent to $376.58 today[4]) per troy ounce. Under the Trading With the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, violation of the order was punishable by fine up to $10,000 (equivalent to $182,185 today[4]) or up to ten years in prison, or both. I think central banks still trade a little gold now and then, though , as you point out. Gerald Ford allowed legalized gold in 1974.
- jsprogrammer 11y ago
  US currency is mostly backed by oil.